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Acima Credit Retail Financing Review: Is It Worth It?

If you are looking for a lender that provides point-of-sale financing for lease-to-own purchases of various merchandise, then this Acima Credit retail financing review is perfect for you. This will provide you essential information about how to avail financing to be able to buy any furniture, electronics, auto parts, or appliances.

Acima Credit Retail Financing Review

According to Business Insider, point-of-sale (POS) financing solutions enable customers to break payments up into installments. POS has in fact surged back into popularity in recent years especially since the recession.

In a report by Forbes online, it mentioned a study conducted by Forrester Research wherein they found that “companies that implemented an online POS financing option experienced a 32% increase in sales.”


Point-of-sale or POS financing comes in various forms. There are credit cards, unsecured loans, as well as credit lines. While there are cheaper financing options out there, POS makes a good choice for people who has less than perfect credit scores.

Are you wondering why we are talking about POS? Well, we are doing so because Acima Credit is a POS company, and we are going to know more about how they do things as we move along with this Acima Credit retail financing review.

For your reference though, here are the key points that we are going to talk about in this review:

  • Who is Acima Credit?
  • What makes Acima Credit retail financing different?
  • What are the payment options available at Acima Credit?
  • Who qualifies for an Acima Credit retail financing?
  • How to apply for Acima Credit retail financing?
  • Other important things you need to know about Acima Credit
  • What are the pros and cons of Acima Credit financing?


Before we proceed to talk about what Acima Credit is all about, and all the other important information we need to know about its retail financing program, you may want to take a look at the below table first. This provides you an overview of the Acima Credit retain financing.

Feature Details
Loan amount range $500 – $5,000
Funding time Not indicated on the company website. But, most point-of-sale funding decisions are usually made right away at the merchant store or online.
Repayment options and fees $10 fee plus invoice price of the item if paid within 90 days

75% of remaining lease payments paid in a lump sum after 90 days since purchase, but before 12 months

No fees, but borrower needs to pay twice the invoice price if paid over a 12-month term
Credit reporting Reports to Experian


Founded in 2013, Acima Credit an alternative lender that provides point-of-sale financing for lease-to-own purchases of a variety of merchandise, which include electronics, auto parts, furniture, and appliances.

Initially named Simple Finance, Acima Credit is an innovative FinTech startup company that is ideal for people who do not have a good credit score.

Acima Credit provides POS financing that comes with instant approval. Borrowers under its lease-to-own financing can apply either through the company’s online platform or in-store through participating merchants.

While Acima Credit is one of the best options for people without good credit standing, borrowers who are unable to pay off their loan soonest should consider looking for another lender because Acima costs rise quickly throughout the whole financing term.

Borrowers can take up to 12 months to pay for any purchases made. However, finance charged is quite significant that if you are a borrower, you better be sure before signing up.

Later on, we are going to discuss further amount Acima Credit retail financing so you get to learn and understand fully how things work when it comes to loaning money from this lender.

Meanwhile, if you want to learn about how Acima Credit works with merchants, you may check the video below by the company itself to know more:


Unlike other forms of financing such as credit cards, Acima is different as it does not rely primarily on the borrower’s credit score to determine your qualification for the financing. Acima Credit retail financing is open for anyone — both for borrowers with good and/or bad credit score (although the latter benefits from it more).

Also, another thing that makes it different from other forms of financing is the fact that borrowers are given a particular repayment period, which is 12 months, to adhere to.

Now, perhaps you are wondering how then Acima Credit determines if a borrower is qualified for financing?

Well, Acima Credit take into account other factors such as the employment history of the borrower, the amount of money deposited into his or her checking account every month, as well as by checking if the borrower does have a lot of overdrafts.

If you happen to have a less-ideal credit, but you are employed, with few or no overdrafts at all, and deposits a good amount of money in your checking account on a monthly basis, then Acima Credit is a good choice.

Furthermore, Acima Credit is also an ideal option for borrowers who want a way to build a credit history.


At this point in our Acima Credit retail financing review, we are going to share with you another important detail if you are planning to avail of this form of financing — the payment options available.

Acima Credit offers a lease model wherein the borrower gets to own the merchandise at the end of either 12, 18, or 24 months. Customers may opt to request one or two early-purchase options to help lower the amount of money they owe:

  • Repay within 90 days – This means the borrower pays the price of the item including a $10 payment processing fee, as well as a $40 rental agreement fee. This option is widely used by Acima Credit’s customers — more than one-third of them, according to the company.
  • Repay after 90 days, but before 12 months – This option means the borrower will have to pay an amount that is less than the remaining payments he or she owes Acima. By opting for this type of payment scheme, borrowers get to save 25% or more on outstanding payments. However, this depends on the payoff date, as well as the lease laws in the state you live in.

If you wish to set up an early-purchase option, you may do so by getting in touch with Acima Credit through its online customer portal or by contacting the company’s customer service department.

Meanwhile, here are other important details you need to know about Acima retail financing related to payments and purchases:

Lease Example – According to Acima, this is how it goes — for instance, you purchase an appliance that costs $1,000 and then sign a lease where it says that you agree to pay $2,000 over 12 months. If you opt to pay off the lease though, in the sixth month, the total estimated cost would be around $1,500.

Returns – If by any chance you find the item not unnecessary or that there’s something wrong with it, Acima Credit allows you to return the item anytime without incurring a penalty. However, you have to make payments during the time you have the leased item with you.

Customer Complaints – If you find something wrong with Acima Credit and its processes, you may file a complaint anytime at the Better Business Bureau. To date, Acima does have over 380 complaints with the BBB, and the majority has something to do with billing and collections. According to the company, its legal team is the one responding to these complaints at the BBB.


Unlike other financial institutions or lending companies, applying for retail financing at Acima Credit is a fairly straightforward process.

To be eligible though, you need to meet certain criteria, which include the following:

  • Must have a U.S. government-issued photo ID
  • Must be able to provide his or her Social Security number or ITIN number (for certain nonresident and resident aliens)
  • Must present three-months salary history from current employer
  • Makes deposits of at least $1,000 per month into a checking account open for at least 90 days
  • Must have no negative balances, excessive overdrafts or non-sufficient funds on your checking account

As mentioned earlier, Acima Credit does not rely on the borrower’s credit score. Rather, the company looks into other ways to be able to determine the qualification of a borrower.

While borrowers with good credit scores may also borrow money from Acima, those with not-so-good or no credit at all are the ones who can fully take advantage of what this lender has to offer.


Of course, our Acima Credit retail financing review will not be complete, if we are not going to tackle the application process.

As we have said earlier, the application process of Acima Credit is fairly straightforward. All you need to do is follow these simple steps:

  1. Fill in the online application at the Acima Credit website.
  2. Input your personal information, government-issued ID, as well as your checking account history.
  3. Wait for notification regarding the status of your application, which usually takes in just a few seconds.
  4. Once approved, your approval for retail financing will last for 90 days.

For your reference, Acima Credit filter merchants into categories, which are as follows:

  • Furniture and mattress
  • Appliances
  • Home electronics
  • Mobile electronics
  • Car audio electronics
  • Auto wheel and tire
  • Outdoor goods
  • Eyewear
  • Power tools
  • Jewelry


Apart from what we have already discussed, there are a few more very important information that a borrower or a potential borrower at Acima Credit must know. These are:

  • Loan Amount
  • Loan Terms and Requirements
  • Fees
  • Ownership
  • Credit Reporting

Loan Amount

Acima Credit leasable items range from $500 up to $5,000, which means you can choose items within the range upon lease approval. Then, Acima Credit will be the one to purchase the item from the participating store.

Loan Terms and Requirements

Acima Credit allows its borrowers to pay off the lease-to-own agreement for up to 12 months. However, as much as possible, borrowers should avoid taking the full 12 months.

When borrowing money from Acima Credit, please bear in mind that once you extend payments more than the 12-month period, you will be charged about twice or doubled the invoice amount of your leased item. Generally, this does not equate to a good borrowing decision.

Earlier, we already shared with you repayment options to choose from that will definitely make you save a few bucks.

Meanwhile, if you wish to terminate the lease, you may do so anytime without having to worry about penalties.


Although you are not going to be charged for paying off the item earlier, Acima Credit is known for charging high fees and interest, which include a processing fee amounting to $10.


As soon as you completed an early pay off option or you are done making your regularly scheduled payments for 12 months, the item or merchandise will be automatically transferred to your ownership, and Acima Credit will no longer have anything to do with it.

Credit Reporting

Earlier, we mentioned that getting retail financing at Acima Credit is ideal for those who are building a good credit history as every time you may a payment, the company will report it to Experian, which is one of the three major consumer credit bureaus. To be able to build a good credit history, you have to make sure you pay on time and according to the agreed terms.


This Acima Credit retail financing review will not be complete if we are not going to share with you the benefits and drawbacks of getting retail financing with Acima Credit.

As a borrower, we thought it is important that you know both the good and the bad about the lending company you are eyeing for. At most, you would want to get associated with a lender that has been trusted by many and does have nothing but good record, especially among borrowers.

So, having said that, here are some of the pros and cons that we saw about Acima Credit:


  • The lending company provides flexible repayment schedules as well as an early-payoff discount.
  • It does not require a minimum credit score, which makes it ideal for borrowers with not-so-good and/or no credit history.
  • The company provides fast funding.
  • Acima Credit only does a soft credit check.
  • The application process is easy and straightforward.
  • It helps borrowers build a good credit history as the company reports your lease activity to Experian.


  • Acima Credit retail financing may be expensive if you do not pay off your loan within 90 days.
  • While your credit score does not matter, Acima Credit reviews a borrower’s checking account activity — must deposit on a regular basis.
  • It tends to have high fees and interest if you do not pay off within the supposed term.
  • There are quite a lot of customer complaints on the Better Business Bureau.
  • It requires a minimum of $1,000 of monthly income.
  • The borrower does not have ownership of the item or merchandise until full repayment of the loan is done.


While Acima Credit may be an ideal option for people with poor or no credit, it could be a bad choice if you are unable to pay off the lease within less than 12 months. You would end up paying almost double the price of the same item you’ll find elsewhere.

So, if you have good credit, we highly recommend finding better financing deals. There are a lot of options out there like cash-back credit cards, rewards credit cards, or a personal loan. All of these are pretty easy to acquire for as long as you meet certain requirements, which usually involves a good credit score.

You may also consider saving up for the item you are eyeing for – that is if you do not need the item as soon as possible.

Another alternative financing option is borrowing money from family and friends. Ask around your loved ones. You will never know if they are willing to help or can lend you the amount you need if you won’t ask, right? Needless to say, when you borrow from your family and/or friends, you are likely to save yourself a lot, because usually, these people won’t charge any interest fee.

If you have good marketing or selling skills, consider selling online or within your network to be able to save up or gather the amount you need to pay for the item. Again, this idea will help save you a lot of money.


As mentioned earlier, point-of-sale (POS) financing has surged back in recent years, and with everything that’s happening around, we won’t be surprised if it continues to rise in the coming months. Good thing there are a lot of companies to choose from that offer POS — Acima Credit being one of them.

To think that Acima has only been around for just a few years, it’s nice knowing that there have been a couple of borrowers who chose to loan money from the company and were quite successful. While there are complaints here and there, we thought that’s pretty normal and that the company will surely learn from all these anyway and hopefully become better in this business.

So, the question now would be, would we recommend Acima Credit?

Well, as kept saying all throughout this Acima Retail financing review, this lending company is ideal for people with poor or no credit history at all. This will help them build their credit score because the company reports every payment made to Experian, which is one of the three major consumer credit bureaus in the country. Otherwise, you may consider dealing with a different lender.

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